Intrinsic value can be defined simply: It is the discounted value of the cash that can be taken out of a business during its remaining life.

We are trading away a little bit of our country all the time for this access consumption that we have over what we've produced. That is not good. I think it's terrible over time. But our country's productive grows enough so we actually can do that, and we'll still be better off. We just don't be as well off as if we hadn't done it.

The key to investing is not assessing how much an industry is going to affect society, or how much it will grow, but rather determining the competitive advantage of any given company and, above all, the durability of that advantage.

The value of a business is the cash it's going to produce in the future.

I want to be able to explain my mistakes. This means I do only the things I completely understand.

Only when the tide goes out do you discover who's been swimming naked.

I'm happy when I can spend every day doing the things that I like to do. That's my luxury.